My wife and I are hoping to purchase a property in Pentyrch and have instructed a Pentyrch conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Virgin Money have this morning contacted us to inform me that they have now hit a problem as our Pentyrch solicitor is not on their approved list of lawyers. What do we do from here?
If you are buying a property requiring a mortgage it is conventional for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Pentyrch solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
We see that you have a post code search directory listing firms on the TSB conveyancing panel. Do firms pay you a referral fee if I appoint them for our conveyancing in Pentyrch?
We are a listing service only for law firms wishing to communicate if they are on the TSB conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Pentyrch.
I opted to have a survey completed on a property in Pentyrch prior to appointing lawyers. I have been advised that there is a flying freehold overhang to the property. The surveyor advised that some mortgage companies may refuse to grant a loan on this type of premises.
It varies from the lender to lender. HSBC has different requirements from Birmingham Midshires. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Pentyrch. Conveyancing may be slightly more expensive based on your lender's requirements.
We're novice buyers - agreed a price, but the estate agent has warned us that the vendor will only proceed if we use the agent's preferred conveyancers as they want an ‘expedited deal’. My instinct tells me that we should use a local solicitor who is familiar with conveyancing in Pentyrch
We suspect that the owner is unaware of this requirement. Should the seller require ‘a quick sale', alienating a genuine purchaser is counter productive. Avoid the agents and go straight to the sellers and make the point that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)however you are going to use your preferred Pentyrch conveyancing firm - not the ones that will give their estate agent a referral fee or achieve conveyancing figures demanded by head office.
All being well we will complete the sale of our £225,000 flat in Pentyrch in just under a week. The freeholder has quoted £312 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Pentyrch?
Pentyrch conveyancing on leasehold apartments usually involves administration charges invoiced by management companies :
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Addressing pre-contract questions
Where consent is required before sale in Pentyrch
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I bought a split level flat in Pentyrch, conveyancing was carried out September 2008. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Pentyrch with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease terminates on 21st October 2086
With just 60 years unexpired we estimate the premium for your lease extension to be between £20,000 and £23,000 plus legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Pentyrch. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Pentyrch ?
Most houses in Pentyrch are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Pentyrch in which case you should be looking for a Pentyrch conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will report to you on the legal implications.